Gold prices drop on subdued demand, silver slips below Rs38,000
Mumbai: Gold weakened further at the domestic bullion market in Mumbai on Tuesday due to lack of demand from stockists and retailers despite higher overseas cues.
On the other hand, silver prices dropped below the crucial Rs38,000 mark by tumbling Rs1,030 amid reduced off-take by industrial units.
Standard gold (99.5 purity) fell by Rs200 to close at Rs28,135 per 10 grams from Monday’s closing of Rs28,335. Pure gold (99.9 purity) also moved down by a similar margin to settle at Rs28,285 per 10 grams as compared to Rs28,485 yesterday.
Silver (.999 fineness) plunged by Rs1,030 to end at Rs37,630 from Rs38,660 earlier.
Globally, gold prices rose, boosted by haven demand after North Korea spooked investors by test-launching a long-range missile that the regime claims can reach anywhere in the world.
At early trade, gold for August delivery climbed $4.60, or 0.4%, to $1,223.80 an ounce, partly reclaiming territory lost in Monday’s sell-off. The metal slid 1.9% yesterday, its largest percentage drop since December 2016.
In other metals, silver for September fell 1 cent to $16.09 an ounce.
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